Palm oil eases on European vegoils market

Palm oil on the European vegetable oils market eased on Tuesday due to a technical correction in Malaysian palm oil futures following recent gains. Asking prices for palm oil were between $2.50 and $10 euros per tonne down from Monday after Malaysian palm oil futures closed 22 to 40 ringgit per tonne lower. "After futures rose four days in a row, some profit-taking could be expected. Technical weakness in Chicago soyaoil also helped bringing prices down," one broker said.
At 1730 GMT, CBOT soyaoil futures were between 0.05 and 0.27 cents per lb lower on technicals. CBOT traders were buying soyameal futures on concerns about another dry spell in Argentine soyabean growing areas, and selling soyaoil contracts. EU rapeoil was quoted between seven and eight euros per tonne down, tracking lower Chicago soyaoil futures and following technical selling in rapeseed futures. A softer dollar also added to the weakness in euro-priced rapeoil. Lauric oils were mostly offered between unchanged and $25 a tonne lower, tracking losses in palm oil and because of lack of buying interest.